Nevertheless, the company outside China is not very well-known, but owns the most popular messaging service in the country called WeChat, which has almost 1 billion active users.
China's social media and video game giant Tencent overtook Facebook in market value on Tuesday as investors sent the company's shares soaring to the top five list of the world's biggest firms. Tencent hit a market cap of HK$3.99 trillion or roughly $510 billion. Alibaba is now the world's seventh largest company, with a market value of $481 billion, according to Bloomberg.
Tencent is now valued at $523 billion, beating Facebook by $1 billion. Just last week, Tencent reported a 67% rise in its net profit for the third quarter.
Dog owners have lower mortality, study finds
Also, those who lived alone but with a canine had a 36 percent less likely of developing cardiovascular disease. Their risk of heart attack was not reduced.
Over the past year, several Tencent subsidiaries have also made stellar market debuts in Hong Kong and the U.S., most recently its online publishing platform China Literature, which almost doubled in price on its first trading day this month.
Tencent also acquired a majority stake in Finnish smartphone maker Supercell, the firm behind the popular Clash Of Clans mobile game.
The company's key product is popular messaging service WeChat, which is closing in on 1 billion users overall (but hasn't seen that same success overseas).
Other fast-growing parts of the business include digital content such as video, as well as online advertising.
Another factor to consider in Tencent's massive success is its online publishing and e-book unit China Literature, which was launched earlier this month. It has acquired stakes in both Tesla and Snap, and invested in numerous start-ups in Asia including India's Uber rival Ola.